CoinCodeCap WeekInFocus: May 5, 2024

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WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.



Thai SEC Warns Against Misleading Crypto Ads

  • SEC stressed that any crypto ads containing false, exaggerated, or misleading information are against Thailand’s regulatory framework 
  • SEC’s move comes amidst worries over exchanges luring new users with incentives, risking hasty investment choices.

Australia’s Exchange Eyes Spot Bitcoin ETF Approval by End of 2024

  • The ASX may approve several spot Bitcoin ETFs by the end of 2024.
  • For Australian investors interested in digital assets, introducing Bitcoin ETFs would provide a regulated and safe investing option.

After US, Hong Kong Debuts Bitcoin ETFs, Competition rages

  • Hong Kong’s crypto ETFs which mark the first of its kind in Asia include six funds issued by Bosera Funds, China Asset Management (Hong Kong) Limited and Harvest Global Investments.
  • Hong Kong has opted for an in-kind ETF subscription and redemption mechanism.

Nigeria Halts Fintech Platform Onboarding Amid KYC Process Audits

  • In the midst of Nigeria’s continuous attempts to tighten KYC compliance in crypto investing, the CBN instructed fintech companies to cease onboarding new customers.
  • The EFCC banned 1,146 bank accounts linked to illicit foreign exchange transactions after the onboarding limit was put in place.

US Lawmakers Propose Clear Tax Guidelines for Crypto Block Rewards

  • Under the proposed legislation, staking rewards would be classified as created property under the U.S. tax code, 
  • The bill states that taxes on block rewards from PoW or PoS networks should only be applied upon their sale or exchange, rather than at the point of acquisition.

US Lawmakers Call on SEC to Greenlight Bitcoin Options Trading

  • There are reports that the US SEC is being pressured by US politicians to allow options trading on Bitcoin ETPs.
  • Flood and Nickel claim that the approval is essential for the investors that the SEC “seeks to protect.”

Platform and Tokens

Mango Markets’ Eisenberg Faces Charges for Child Porn Possession

  • Avraham Eisenberg is alleged to have had child pornography in his possession.
  • According to the most recent court document, Eisenberg allegedly distributed child pornographic photographs from 2017 to 2022.

Binance’s Former CEO CZ Faces Four-Month Sentence

  • Binance founder CZ  has received a four-month prison sentence in a Seattle federal court. Initially, prosecutors had pursued a three-year prison term for CZ. 
  • Prison sentence marks U.S. officials’ prolonged scrutiny culminated in holding Binance  and its CEO accountable last fall.

Binance’s Anjarwalla Faces Extradition: Interpol Nigeria Confirms Papers Ready

  • The paperwork for Nadeem Anjarwalla, who escaped the jurisdiction, has been completed for extradition, according to the NCB of Interpol.
  • The Interpol representative stated that the Binance executive was last seen in Kenya, but she could not confirm if he was being held there.

Second Exploit in 3 Days: Pike Finance Loses $1.6M

  • Pike Finance was breached, leading to the loss of digital assets valued at $1.68 million.
  • For the return of the funds or information that helps recover the funds, Pike Finance is offering a 20% incentive.

ZKasino Scam: Suspect Arrested, Dutch Authorities Seize $12.2M

  • An individual believed to be connected to the ZKasino online gambling platform scam was taken into custody by Dutch authorities.
  • Dutch officials claim that the smart contract indicates the site never intended to repay the funds.

Terraform Labs Challenges SEC’s $5.3 Billion Fine Proposal

  • Terraform’s lawyers emphasized the absence of evidence regarding UST stablecoin sales in the U.S.
  • Kwon’s legal team argues against granting any injunctive relief or disgorgement.

BTC-e Mastermind Alexander Vinnik Pleads Guilty to Money Laundering charges

  • Russian National Alexander Vinnik Pleads Guilty to BTC-e Money Laundering Conspiracy.
  • BTC-e Processed Over $9 Billion in Transactions, Served One Million Users Worldwide.

Australian Court Finds BPS Financial Guilty on 4 Charges

  • The Australian Securities & Investment Commission prevailed in court over BPS Financial.
  • The court decided that the Australian Securities and Investments Commission and Corporations Act were violated.

Former Cred Executives Indicted on Wire Fraud and Money Laundering Charges

  • According to the indictment, Cred engaged in lending that was neither collateralized nor guaranteed.
  • Former CEO Daniel Schatt and CFO Joseph Podulka face 13 charges of wire fraud and money laundering, while Chief Commercial Officer James Alexander is charged with four counts.

Project Updates

WBTC Depegs from Bitcoin on Justin Sun’s Poloniex

One exchange that Justin Sun owns, Poloniex, offers a wrapped bitcoin product on Tron that is now trading at a discount of more than 20%. The last item is important since a significant portion of the bitcoin held at HTX is included in Poloniex’s WBTC on Tron offering. 

Defunct Yield Protocol Faces Smart Contract Exploit, Over $180K Drained: Report

Reportedly, the attack which targeted Yield’s contracts on the Arbitrum blockchain, resulted in the theft of roughly $181,000 worth of crypto assets. The attacker allegedly capitalized on a discrepancy between the pool token balance and total supply to steal funds.

$68M Crypto Heist: Scammer Strikes Using Address Poisoning

A trader lost $68 million worth of Wrapped Bitcoin (WBTC) in one transaction in an address-poisoning scam. Address poisoning: Scammers mimic high-value wallet addresses to deceive and steal.

Podcasts and Interviews

  • “Bitcoin vs. Gold Debate!” podcast by Peter Schiff
  • “Argentina’s New President Is Screwing Up On Bitcoin!” podcast by The Jimmy Dore Show
  • “Bitcoin and Crypto DUMP On Weak ETF Launch” podcast by CryptosRUs

Job Listings

2k24 Events

  • ETH Bratislava conference & hackathon from May 10 to May 11
  • DappCon (Berlin) from May 21 to May 23
  • ETH Berlin hackathon from May 24 to May 26
  • ETH Dublin hackathon & conference from May 31 to June 2
  • ETHPrague conference & hackathon from May 31 to June 2

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!

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